Prior to the Finance Act 2012 Amendment, Section 115JB (MAT) Did Not Apply to Foreign Banking Companies Issue Whether the Minimum Alternate Tax (MAT) provisions under Section 115JB of the Income-tax Act, 1961 are applicable to a foreign banking company (Royal Bank of Scotland) for the Assessment Year 2011-12, given that specific statutory amendments bringing… Read More »
An Assessment Order Kept in Abeyance by a Court Interim Order Still Legally Exists for the Vivad Se Vishwas Scheme Issue Whether an assessment order that has been passed but is temporarily held from being implemented due to a High Court’s interim direction can be considered “non-existent,” thereby disqualifying the assessee from opting for the… Read More »
Reassessment Based on Third-Party Digital Data Lacking Clear Evidence of Cash Receipt Deserves to Be Quashed Reassessment Based on Third-Party Digital Data Lacking Clear Evidence of Cash Receipt Deserves to Be Quashed Issue Whether a reassessment notice under Section 148 and its underlying order under Section 148A(3) can be legally sustained if they are based… Read More »
Reassessment Based on Third-Party Loose Papers Lacking a Live-Link and Relying on Retrospective Notional Rates Is Legally Unsustainable Issue Whether a reassessment notice under Section 148 can be validly issued based on loose paper entries seized from a third-party real estate broker, where the Revenue fails to establish a “live-link” to the petitioner and applies… Read More »
Excessive Share Premium Cannot Be Taxed as Unexplained Cash Credit Under Section 68 if Identity, Creditworthiness, and Genuineness Are Proven Issue Whether an investment toward share premium received by an assessee-company from its holding company can be treated as an unexplained cash credit under Section 68 merely because the Assessing Officer (AO) deems the valuation… Read More »
Reassessment Cannot Be Based on Conjectures, Surmises, or Third-Party Evidence Lacking a Direct Link to the Assessee Issue Whether a reassessment notice under Section 148 and its preparatory orders under Section 148A can be legally sustained when the alleged escapement of income is based entirely on third-party digital data without establishing any direct, corroborative link… Read More »
Consistency in Transfer Pricing Methods and Business Deductions Upheld, While Additional Depreciation Requires Integral New Capital Acquisition Issue Whether the Internal Transactional Net Margin Method (TNMM) can be replaced by the Comparable Uncontrolled Price (CUP) method if the Tribunal and High Court have consistently accepted TNMM for identical transactions in previous years. Whether Transfer Pricing… Read More »
CIT(A) Cannot Change Addition Sections Without Specific Notice, and Unreasonable Ad Hoc Disallowances Must Be Reduced Issue Whether the Commissioner of Income-tax (Appeals) [CIT(A)] can change the legal section of a tax addition (from Section 69C to Section 68) without issuing a specific show-cause notice to the assessee. Whether an ad hoc disallowance of 20%… Read More »
Deductions Under Section 80HHC Are Not Reduced by Section 80IA, and Capital-Linked Sales-Tax Remissions Are Capital Receipts Issue Whether business profits must be reduced by deductions allowed under Section 80IA while computing the deduction under Section 80HHC of the Income-tax Act, 1961. Whether a sales-tax remission granted under the West Bengal Incentive Scheme, 1993—explicitly linked… Read More »
Deductions Under Section 80HHC Are Not Reduced by Section 80IA, and Capital-Linked Sales-Tax Remissions Are Capital Receipts Deductions Under Section 80HHC Are Not Reduced by Section 80IA, and Capital-Linked Sales-Tax Remissions Are Capital Receipts Issue Whether business profits must be reduced by deductions allowed under Section 80IA while computing the deduction under Section 80HHC of… Read More »